Abdo Home Improvements Limited
Abdo Home Improvements Limited
Registered number: 08459382
Unaudited Financial Statements
For The Year Ended
31 March 2023
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Abdo Home Improvements Limited
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—8 |
Abdo Home Improvements Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
08459382
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 11 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 12 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 312,702 | 356,755 | |||
Abdo Home Improvements Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
Director
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The notes on pages 3 to 8 form part of these financial statements.
Abdo Home Improvements Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Abdo Home Improvements Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08459382
. The registered office is 121 Canterbury Road, Margate, Kent, CT9 5BD.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold
- the amount of revenue can be measured reliably
- it is probable that the Company will receive the consideration due under the transaction
- the costs incurred or to be incurred in respect of the transaction can be measured reliably
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably
- it is probable that the Company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably
- the costs incurred and the costs to complete the contract can be measured reliably.
2.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are personalised plates for the Company fleet. It is amortised to profit and loss account over its estimated economic life of 10 years.
Abdo Home Improvements Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold |
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Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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Assets considered to lose their value fully in the first year of acquisition are fully depreciated at acquisition.
2.7.
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.
Finance leases
Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives.Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Hire purchase contracts
Assets acquired under hire purchase contracts are depreciated over their useful lives.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.8.
Stocks and Work in Progress
Work-in-progress is reflected in the accounts on a contract by contract basis.
2.9.
Taxation
Income tax
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Abdo Home Improvements Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.11.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 5 (2022: 5)
4.
Intangible Assets
Goodwill | Other | Total | |
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Cost | |||
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Amortisation | |||
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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Abdo Home Improvements Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
5.
Tangible Assets
Land & Property | ||||
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Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
£ | £ | £ | £ | |
Cost | ||||
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Additions |
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Depreciation | ||||
As at
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Provided during the period |
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As at
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Net Book Value | ||||
As at
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As at
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Computer Equipment | Total | |
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£ | £ | |
Cost | ||
As at
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Additions |
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As at
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Depreciation | ||
As at
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Provided during the period |
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As at
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Net Book Value | ||
As at
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As at
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6.
Stocks
2023 | 2022 | ||
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£ | £ | ||
Stock |
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Abdo Home Improvements Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance leases |
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Trade creditors |
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Corporation tax |
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Other taxes and social security |
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VAT |
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Net wages | 62 | 857 | |
Other creditors |
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Accruals and deferred income |
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Director's loan account |
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9.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance leases |
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10.
Obligations Under Finance Leases
2023 | 2022 | ||
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£ | £ | ||
The future minimum finance lease payments are as follows: | |||
Not later than one year |
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Later than one year and not later than five years |
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11.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2023 | 2022 | ||
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£ | £ | ||
Other timing differences | 9,317 | 11,587 | |
Abdo Home Improvements Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
13.
Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of 2023 - £1,109 (2022 - £507 were due to the fund. They are included in Other Creditors.
14.
Controlling Party
The company's controlling party is
Julien Giles PIPER
by virtue of his ownership of 51% of the issued share capital in the company.